Nandom Rural Bank is eighth best in Ghana
The ranking, which was done by the Bank of Ghana (BoG) and ARB Apex Bank, took into consideration the bank's fast pace of growth and what it had been able to achieve.
Mr. Peter Kuukyame Latuo, Chairman of the Board of Directors, said this at the Annual General Meeting of the bank at Nandom. He commended the Board of Directors, the Management and shareholders for their hard work, dedication and commitment.
Mr. Latuo said the bank recorded increases in some key financial indicators which measured the strength and growth of the bank.
He said the total assets of the bank recorded an increase of 27.97%, deposits went up by 37.48%, loans and advances 190.69%, investments 22.45% share capita 2.4% and net worth equity 17.90%.
He said the bank made a profit after tax of GH¢116,269.00 in 2010 as against a profit of GH¢253,702.00 in 2009. Mr. Latuo said the Board and Management had re-strategised to restructure its Investment Portfolio and diversify its income sources.
As part of the re-strategisation, the Board and Management proposed a transfer from Income Surplus to Stated Capital in an attempt to raise the bank's stated capital to an appreciable level to meet the anticipated new minimum requirement to be announced by the BoG soon.
The Board Chairman said apart from the traditional products and services of the bank, the bank developed and piloted the Funeral Loan Product also known as 'Kuor Libipeng' in Dagaare and also refined the 'Yeru Baare Duor' product to make it client-friendly.
He said the bank, however encountered certain challenges including high loan default, inadequate patronage of the bank's products and services, competition from other banks and financial institutions and inadequate resources and logistics among others. GNA